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Omani Delegation Discusses Investment Opportunities in Dubai

A high-profile delegation from Oman is participating in the 7th edition of the Annual Investment Meeting (AIM) which opened April 2 and will run until April 4, at the Dubai World Trade Centre, in Dubai, UAE.

The event is being held under the theme ‘International Investment, Path to Competitiveness & Development’, said a statement.

According to Oxford Business Group, a major piece of legislation on foreign direct investment (FDI) is currently under review of the Ministry of Legal Affairs, it said.

The new FDI law is expected to allow 100% foreign ownership throughout the sultanate, along with a slew of other incentives for investors, it added.

The plan to increase FDI also includes targeting specific sectors that hold significant growth potential, such as mining, fisheries, manufacturing, tourism, and transport and logistics.

Sayyid Faisal Bin Turki Al Said of the Oman Public Authority of Investment Promotion an Export Development (Ithraa), said: “AIM is a very important event. It brings together different countries, companies, and authorities. Also it provides the chance to meet and connect with investment experts and big investors under one roof.”

“We believe that Oman’s participation in the event will help creating investment opportunities in the sultanate, and enhance the relations with the global investment entities from all over the world,” he said.

“Oman has the potentials to be primary destination for investors. It enjoys strategic location near the emerging markets in the Middle East, East Africa, and India. It has also network of advanced logistic services which helps investors to stay connected with international markets. The legal framework in the sultanate protects the investors and help them to grow their business,” he added.

Al Said further explained: “The government of Oman focuses on specific sectors to grow from 2015 to 2020, and these sectors are: transformative industries, logistic services, tourism, fisheries, and mining.”

“The sultanate welcomes as well investments in other sectors, whether secondary investments like waste management, or supporting sectors such as educations and health care,” he continued.

“This year, our target is to position Oman on the international investment map. Our organization showcases the opportunities, incentives, and proper investment climate in the country. We focus on the targeted sectors in the ninth five-year plan in the country,” he said.

“Our organization prepared a study in 2015 to promote investment in the sultanate, according to this study we chose highly important sectors to be promoted in 25 countries. We chose these countries based on many standards. We target several markets, and we organize plenty of meetings with potential investors from many Asian and European countries, as well as from GCC. We offer the investors many incentives to start their projects in Oman, such as facilitate obtaining approvals and licenses, find the suitable partners, and issue the commercial record,” added Al Said.

“Our statistics show that FDI in the sultanate crossed OR7.6 billion (US$19.7 billion) in 2014, with 9.1% increase comparing to 2013. These FDI came from 50 countries, UK comes number one in terms of investment in Oman, followed by UAE, Kuwait, Qatar, Bahrain, US, Netherlands, and Switzerland,” he said.

“Oil and gas is still the most attracting field for FDI with 33.9% of the total foreign investment in the sultanate, followed by financial brokerage with 30.1%, then transformative industries with 20.5%. Our goal is to increase the FDI in the future, especially with the national direction toward diversification of the national economy,” noted Al Said.

“The sultanate is taking serious steps to enhance the non-oil sectors. The government launched the national program for enhancing economic diversification (Tanfeedh). According to this program, the government will focus on certain promising fields such as: transformative industries, logistics, tourism, finance, labor market and employment,” he concluded.

The Oman pavilion at the event will include several high-profile authorities and companies, such as: Ithraa, Port of Duqm, Oman Chamber of Commerce and Industry and the Special Economic Zone, it stated.